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QIB Implements IBAN for all Customers’ Accounts

09/01/2014, Doha - Qatar

QIB Implements IBAN for all Customers’ Accounts

Qatar Islamic Bank (QIB) – the country’s leading Islamic financial institution – is implementing the International Bank Account Numbers (IBAN) for QIB customers’ accounts, effective from the beginning of 2014.

In line with directives issued by the Qatar Central Bank, the adoption of the International Bank Account Number (IBAN) standard will facilitate ‘Straight Through Processing’ (STP) of Electronic Payments by minimising delays and extra costs associated with incorrect account numbers.

IBAN is an expanded version of the basic bank account number, giving precise information about the country, the financial institution and the account number. Every IBAN is globally unique and contains 29 digits, starting with a country designation for the relevant banking institution (QA for Qatar), followed by a double-digit verification number, the specific bank code (for QIB it is QISB) and then the core account number made up of 21 digits.

As of the beginning of 2014, the IBAN scheme will go live for receiving an electronic payment from any bank within or outside Qatar, sending an electronic payment to any bank within Qatar, and sending an electronic payment to a bank in any other country that has adopted the IBAN system – currently over 50 countries worldwide. It will become compulsory for cross-border money transfers after the expiry of the transition period on April 30, when banks will reject transfers that do not contain a valid IBAN.

Customers can find their IBANs printed on their bank statements, as well as in internet banking accounts – under the Account Details menu item; via the QIB Mobile Application; or simply by contacting QIB’s Call Centre on 444 48444.

D. Anand General Manager of QIB’s Personal Banking Group said “the implementation of IBAN will not only bring more efficiency to cross border transactions, but will also result in the facilitation of domestic electronic transfers. With the use of IBAN, any input errors are immediately recognised, leading to fewer rejections and minimising transaction delay. This will result in faster credit and faster throughput times. In addition, the implementation of IBAN will enhance the safety and efficiency of electronic banking payments.”

“This is an important strategic move for the state of Qatar. With the guidance of Qatar’s Central Bank, QIB is now part of the global network of banks that have adopted IBAN, thereby aligning it yet further with the ongoing evolution of the world’s banking systems.” Mr. Anand concluded.

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